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Bridge Loans in East Calais, Vermont
East Calais, VT has 27 bridge lenders serving the city. Loan amounts average approximately $322,143. The average rate for private loans in East Calais is 10.4%. The average loan issued in the city is for 25 months. The average origination fee added to the loans is 2.0%. 69% is the median loan-to-value (LTV) for for loans in East Calais.
Loan Example 1
Jasmine is a real estate investor in East Calais, VT. She locates an older property for sale and decides to renovate it and flip it for a profit. The property costs $160,000 but she doesn't have the full amount so she takes a private money bridge loan with Investors Funding. The borrower will be required to bring 40% of the purchase price in cash to closing based on a 60% loan-to-value stipulated by the lending company. This makes the principle amount from Investors Funding $96,000. The rate on the loan is 12% for a term of 6 months and the company requires a four point origination fee at closing. The interest is to be paid monthly and the principle will be paid back after the sale of the property.
Accordingly, Jasmine will have to make a $64,000 down payment plus pay a $3,840 origination fee. Once the deal closes, she will have to pay Investors Funding $960 in monthly interest fees, or 12% times $96,000 divided by 12 months in the year. If Jasmine sells the rehabed project for $192,000 at the end of the 6 month term, her gross profit (not including remodeling costs) would be $22,400. This is calculated by taking the sales price ($192,000) and subtracting the principle ($96,000), the origination cost ($3,840), the cash she contributed to closing ($64,000), and the total interest payments ($5,760).
Loan Example 2
XYZ Finance Group issues a private money bridge loan to Martha for a renovation project in East Calais, VT. The loan dictates the following:
$290,000 sales price
50% loan-to-value (LTV)
18 month term
14% interest rate
4% origination fee
If Martha accomplishes her goal of a $391,500 sales price, the numbers of the deal will be the following:
$391,500 sales price
- $145,000 principle (50% LTV)
- $145,000 cash paid at closing (50% on 50% LTV)
- $5,800 origination fee (4% of the $145,000 principle amount)
- $30,450 interest payments (18 months x 14% interest)
-----------------------
= $65,250 total profit (doesn't include taxes or renovation costs)
Nation’s fastest and easiest private real estate lender - Funding Fix and Flip, Ground-Up Construction, and DSCR. Closing as fast as 5 business days!
Offering Fix and Flip, Bridge, and DSCR loans. With same day approvals, 3-5 day close time, and lending in 47 states, Park Place Finance will get your next deal funded fast!
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Harbor Private Equity
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Patch Lending
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Center Street Lending
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Park Place Finance
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T&M Commercial Funding
259 Minot Ave
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Sunset Equity Funding
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Peak Choice Capital
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Rapid Commercial Loans
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Cherrywood Commercial
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New Silver
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Velocity Mortgage Capital
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Green Knight Funding
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